Charity urges older people to review their finances

File photo dated 07/10/13 of a close up of the left hand of an elderly woman at home as a lack of support for older people after they have been in hospital leaves them vulnerable to readmission, new research has found. PRESS ASSOCIATION Photo. Issue date: Thursday December 5, 2013. Almost 150,000 people had no support once they returned home and for those who did get some kind of help, a fifth did not receive essential continuing support. See PA story HEALTH Volunteers. Photo credit should read: Peter Byrne/PA Wire

Kevin Rogers

Age UK Nottinghamshire are urging older people to take control of their finances over the coming year.

Clive Parkin, Director at Age UK Nottinghamshire, said:“While many of us may have broken our New Year resolutions it is still important for older people to ensure they get more from the pound in their pocket. It’s never too late for people to take stock and put their finances first.

“Many people in later life are on a fixed income which means that maximising their income is essential. Our straw poll* found that 49% people in the East Midlands aged 65 and over feel financially unprepared for their retirement. Many say this is because they have not saved enough towards this stage of their life (14 per cent) or that rising living costs are eroding their disposable income (42 per cent).

“In 2014 we encourage older people to review their financial products and purchases. Once in retirement people need to be savvier with their income, to shop around to find not only value for money but also a product that’s right to fit their needs. For a better and brighter time in retirement in 2014 and beyond we want the consumer to be empowered to make better decisions and for the industry to ensure products and services meet the needs of those in later life.”

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